The International Monetary Fund on Friday approved a one-year, 75.6-million-dollar aid package for Senegal in order to help offset the impact of higher food and energy prices.

"The Senegalese economy is facing a difficult period. Economic growth has slowed significantly, as a result of government payment delays to the private sector and the effect on consumption of high food and energy prices," IMF Deputy Managing Director and Chairman Murilo Portugal said in a statement announcing the aid.

Senegal will be able to immediately draw 24.27 million Special Drawing Rights (SDR) -- approximately 37.8 million dollars -- from the IMF, and an equal amount after completing the first review under the country's arrangement with the IMF.